TOP Oil Market News: Crude May Decline on Weaker Refinery Demand
The following is a selection of the most important news affecting the oil market.
Oil May Fall as Weak Demand Boosts Supplies, Survey Shows
West Texas Intermediate oil may fall next week after weaker demand from refineries boosted U.S. crude inventories to the highest level in eight months, a Bloomberg survey showed.
PetroChina Looks to Add to $3.7 Billion in Australian Deals
PetroChina Co., the nation’s biggest oil and gas producer, is looking to make more deals in Australia, adding to about $3.7 billion in acquisitions as part of a global drive to feed surging Chinese demand.
Iran’s Salehi Says West Shows ‘Good Faith’ on Nuclear Talks (1)
Prospects for resolving the conflict over Iran’s nuclear program have improved following signs of “good faith” from Western powers, Iranian Foreign Minister Ali Akbar Salehi said.
U.S. Gasoline Falls to $3.7394 a Gallon in Lundberg Survey (1)
The average price for regular gasoline at U.S. pumps fell 5.56 cents a gallon in the past two weeks to $3.7394 a gallon, according to Lundberg Survey Inc.
Shell Seeks Fujairah Crude Storage as U.A.E. Port Plans Berths
Royal Dutch Shell Plc is in talks to secure as much as 1 million cubic meters of crude-oil storage at the United Arab Emirates port of Fujairah, in what would be the region’s first such crude-tank deal with foreign companies.
Kuwait Sets April Crude at $1.15 Discount for Asia
Kuwait announces April crude-oil differential for Asia as discount to Oman-Dubai benchmarks in faxed statement today from Kuwait Petroleum Corp.
Iraq Sets April Basrah Lt at $1.80 Discount for Asia
Iraq announced April crude-oil differentials in an e-mailed statement from the Oil Ministry today.
Kurdish Oil Deal Would Be Deficit Game Changer: Turkey Credit
Turkey is seeking to gain a foothold in northern Iraq’s energy industry, which would help it obtain oil and gas supplies and cut the current-account deficit.
Kidnapped Foreign Nationals Killed in Nigeria, Diplomats Say
A group of foreign nationals kidnapped by an Islamist group in northern Nigeria last month have been killed, governments in Italy, Greece and the U.K. said.
Oil Bets Fall to 2-Month Low as Prices Break $90: Energy Markets
Hedge funds reduced bullish oil bets to a two-month low as surging U.S. supplies pushed prices below $90 a barrel for the first time this year.
Saudi Arabia Said to Raise February Oil Output From 20-Month Low
Saudi Arabia raised crude production in February to 9.15 million barrels a day, an increase of 100,000 barrels daily from the previous month, an official with knowledge of the country’s oil policy said.
REFINERIES Map global refinery outages
PBF Energy Flares Sulfur Dioxide at Oil Refinery in Delaware
PBF Energy Inc. reported flaring of sulfur dioxide at its Delaware City, Delaware, oil refinery, according to a state environmental report.
Exxon Reports Gases Flared at Oil Refinery in Beaumont, Texas
Exxon Mobil Corp. reported flaring of gases including carbon monoxide and hydrogen sulfide at its Beaumont refinery, according to the Texas Commission on Environmental Quality.
Fire at Kuwait’s Mina Abdullah Refinery Extinguished, KUNA Says
A “limited” fire broke out earlier today at the 370,000 b/d refinery, Kuwait News Agency reports, citing Kuwait National Petroleum spokesman Mansour al-Ajmi. KUNA also reports:
Petrobras Appeals Court Order Halting Argentina Refinery
Co. says it complied w/authorities’ demands and refinery is operating under existing environmental regulations.
Philadelphia Energy Solutions Refinery Reported Unit Startups
Philadelphia Energy Solutions shut the No. 433 Alkylation unit March 5 due to mechanical problems after starting the unit March 3.
Exxon Beaumont Restarted Boiler After It Tripped Offline
Exxon Mobil Corp. reported the boiler tripped yesterday at Texas plant, resulting in flaring from the fluid catalytic cracker.
Tesoro Anacortes Reports Equipment Shut Down for Maintenance
Units shut not identified in filing to Northwest Clean Air Agency.
Gulf Oils Weaken as Brent Output Increase Narrows Spread to WTI
Gulf of Mexico oils on the spot market weakened against futures as Brent’s discount to West Texas Intermediate narrowed after a pipeline system in the North Sea returned from an unplanned five-day shutdown.
PBF Paulsboro Refinery Shuts Sulfur Recovery Unit
PBF Energy Inc.’s Paulsboro refinery reported flaring due to a 30 minute outage at sulfur recovery unit 3, according to a filing with New Jersey regulators.
Valero Corpus Heavy Oil Cracker Increasing to Planned Rates
Valero Energy Corp. completed planned maintenance on a heavy oil cracker at its Corpus Christi West plant.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 10.36 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
TOP ENERGY STORIES
China Plans Revamp of Railways, Energy, Food Safety Ministries
China plans to revamp government bodies responsible for energy, railways and food safety as the country’s new leaders seek to cut red tape and graft in the biggest top-level reorganization since 2008.
Beach Says It’s Exploring Major Australia Gas Field With Chevron
Beach Energy Ltd. said the Cooper Basin region in Australia’s outback, where it’s searching for natural gas with Chevron Corp., will be a “major onshore petroleum province.”
EON Study Weighs Sale of Renewable-Energy Unit, Spiegel Says
Consultants prepared report for EON on possible spinoff; EON says no current plans to sell unit: Der Spiegel.
Fukushima Seeks Revival in Radiation-Free Farms With No Soil
Kawauchi, a farming village 30 kilometers (19 miles) from the site of the world’s worst atomic disaster in 25 years, feared for its future as radiation from the crippled Fukushima nuclear plant soaked into the soil. Then Takeo Endo suggested farming without soil.
David Suzuki Says Japan Squandering Fukushima Crisis Opportunity
Japan is wasting the opportunity of the Fukushima disaster by failing to use the crisis and public opposition toward nuclear reactors to form an energy mix more reliant on renewable energy, Canadian author, environmentalist and geneticist David Suzuki says.
Fukushima Toxic Waste Swells as Japan Marks March 11 Disaster
Every morning, 3,000 cleanup workers at the Fukushima disaster site don hooded hazard suits, air-filtered face masks and multiple glove layers. Most of the gear is radioactive waste by day’s end.
Azeri Police Break Up Demonstration Against Military Violence
Thousands of Azeris demonstrated in the capital, Baku, in a rally organized through Facebook Inc. to protest non-combat deaths in the armed forces.
Qatar Finds First Natural Gas Deposit in 42 Years, Minister Says
Qatar, the emirate with the third- largest global reserves of natural gas, found a deposit with 2.5 trillion cubic feet of the fuel, its first discovery since uncovering the world’s biggest gas field 42 years ago.
Carney Legacy Revealed in Loonie Sentiment Reversal: Currencies
Canada dollar forecasts are falling at the fastest pace since the recession as slower growth than anticipated by the central bank means interest rates will stay low for longer, pushing international investors away.
Dollar Index in Longest Rise Since June as Jobs Data Show Growth
The Dollar Index gained for a fifth straight week, its longest rally since June, as employers added more jobs last month than forecast, signaling economic prospects for the U.S. exceeding other developed nations.
Dubai Shares Rise on Bets Drop Overdone Given Recovery, Oil
Dubai stocks rose the most in almost three weeks on bets last week’s drop was overdone given the outlook for earnings and as crude price increased after U.S. employment figures signaled higher fuel demand.
Israel’s Benchmark TA-25 Gains on Bets Ruling Coalition Near (1)
Israel’s TA-25 benchmark index rallied to the highest in almost three weeks as concerns over the composition of the government faded on reports Prime Minister Benjamin Netanyahu was close to forming a coalition.
Hedge Funds Cut Bets to ’09 Low as Goldman Says Buy: Commodities
Hedge funds cut bets on a commodity rally to a four-year low on signs of surplus supply in everything from coffee to zinc before Goldman Sachs Group Inc. said prices had fallen too far and investors should buy.
China Gold Imports From Hong Kong Drop First Time in Four Months
Gold imports by China from Hong Kong fell for the first time in four months in January after a surge in purchases in the previous months to meet Lunar New Year demand and as investors curbed buying on falling prices.
Ryan Says His Budget Slows Annual Spending Growth to 3.4% (1)
House Budget Committee Chairman Paul Ryan said his 2014 budget proposal to balance the government’s books in a decade assumes the repeal of Democratic President Barack Obama’s health-care law and would slow annual spending growth to 3.4 percent.
Jeb Bush Wouldn’t Reject Higher Taxes to Resolve Budget Woes (1)
Jeb Bush, the former governor of Florida and potential contender for the 2016 Republican presidential nomination, said he wouldn’t automatically reject raising taxes to solve the federal government’s budget woes.
Chelsea Recovers to Draw 2-2 at Manchester United in F.A. Cup
Chelsea came back from 2-0 down to draw 2-2 at Manchester United in the quarterfinals of English soccer’s F.A. Cup. Millwall tied 0-0 with Blackburn in today’s other match.
England Beats Italy to Stay on Course for Six Nations Grand Slam
Finn’s Defiance Helps England to Draw New Zealand Cricket Test
Steven Finn was the keystone of England’s defiance yesterday as his team held out for a draw in the first cricket Test against New Zealand.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 91.70 -0.25 -0.3 Nymex April Brent Crude ($/Bbl) 110.62 -0.23 -0.2 Ice April Gasoil ($/Ton) 930.25 +3.75 +0.4 Ice April Gasoline (c/Gal) 320.35 -- -- Nymex April Natural gas ($/MMBtu) 3.63 -- +0.1 Nymex April Dated Brent ($/Bbl) 110.48 -0.24 -0.2 OTC 21 Days Heating Oil 297.20 -0.29 -0.1 Nymex April Other markets:
----- ----- Dollar Index 82.82 +0.1 Gold ($/Oz) 1,576.90 +0.1 MSCI World Index 1,428.72 +0.3 Prices as of 11 p.m. GMT
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